Hiscox Business Insurance Reviews: Insurance Coverage, Feature, Cost

By John V

January 12, 2024   •   Fact checked by Dumb Little Man

hiscox insurance reviews

You need insurance, and to be fair, not having one as a business owner could be troublesome for you later. Insurance gives you or your business financial protection and helps you continue to thrive.

For small business owners, getting insurance is non-negotiable unless they don’t mind their business and hard work going under. This review will provide you with an insurance company you could use to prevent your business from going under.

Hiscox insurance company promises to be the right fit for you. So, no need to shop for insurance needlessly; read our Hiscox insurance review on why you should choose Hiscox business insurance.

What is Hiscox Insurance?

hiscox insurance reviews

Hiscox Insurance Company is one of the foremost insurance providers in the insurance industry of both the United States of America and some European countries. The influence of Hiscox Insurance Company Inc is not surprising as they have existed for about 120 years, which gives them a unique perspective most insurance companies wish they had.

For instance, most Insurance companies in the insurance industry offer imprecise umbrella insurance, which doesn’t factor in the reality of many small businesses. For instance, a tech start-up would need customized tech insurance to capture and attend to its facts.

Headquartered in Bermuda (no, not the triangle), Hiscox Insurance Company has local offices in the United States and some European countries. This leading specialist insurer has customized coverage, and it is one of the best at it; the insurance company targets small businesses as it offers small businesses small business insurance with different coverage options

Such small businesses like start-up firms, media companies, IT consulting companies can have insurance that provides comprehensive coverage for them. Apart from its unique take on small business insurance, Hilcox Insurance Company has better business bureau rates of A+ for its quality service.

What are the Types of  Insurance Offered by Hiscox?

Hiscox is to a small business what oxygen is to you as it offers business insurance policies for small businesses of multiple business niches. Unlike other insurance companies, Hiscox Insurance provides umbrella insurance that is more than impressive as it covers those hard to insure areas.

Curious to know what these Hiscox Insurance products for small business insurance are, aren’t you? Continue reading this Hiscox Business Insurance review to learn about these insurance products.

As promised, these tailored plans insurance products which we will cover in our Hiscox Insurance reviews are;

Professional Liability Insurance

This is one of Hiscox Insurance’s pioneer insurance offers; Hiscox became one of the most significant insurance providers because of their professional liability policies. Professional insurance focuses on IT professionals, consultants, media experts, and other professional services providers.

Running a business with employees could be tricky, and through the laws of vicarious liability, you would be liable for acts committed by employees, agents, independent contractors, brand representatives, etc. Professional liability insurance aims to protect you from the people’s actions representing your brand, regardless of their position with your business and professional qualifications.

Essentially, professional liability insurance provides professional indemnity and protects your business against the negligent acts of your employees. Interestingly, professional liability insurance is not limited to a particular area of your brand as it has global coverage.

Having global coverage has excellent benefits for you. It means that if anyone sues the people representing your brand, whether as employees, contractors, temporary staff, etc., overseas, the professional insurance protects you.

General Liability Insurance

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Costs can be a limiting factor for many small businesses to choose between professional insurance and general liability insurance. Most of the time, small businesses opt for public liability insurance, which bodes excellent benefits.

First off, general liability insurance is regular business insurance that has coverage on injury to the body, property, and other personal injury claims instituted against your small business. This liability insurance covers electronic data liability, which other insurance companies rarely cover.

Furthermore, this general liability insurance covers employees ( temporary, seasonal, and full-time). There’s more from this insurance product.

Okay, if someone sues your business and you have purchased this product from Hiscox Insurance, you will benefit from their insurance solutions which require them to cover defence costs. And apart from that, Hiscox insurance will pay you close to $250 each day the suit distracts your attention from your business and pays interest on damages the court awards.

Cyber Security Insurance

If your small business interacts with sensitive private data a lot, this cyber insurance from Hiscox Insurance is of grave importance for you. The private data in your custody is a crucial asset for your business, and you must take extra steps to keep them safe; we live in a world with an emphasis on privacy, and not taking extra steps can be harmful.

This product will allow Hiscox to bear the costs tied to lost data recovery and your other responses to a data breach.

Commercial Property Insurance

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Commercial insurance is like building insurance as it protects your office building against theft, destruction, accidental damages, loss, etc. The commercial insurance has mouth-watering basic coverage, like the $10,000 for electronic data loss, $10,000 for movable property, equipment coverage for $10,000, etc.

In addition, Hiscox Insurance will cover your business for a year’s business income when the damage to your property prevents company operations.

Business Owner’s Policy

The business owner’s policy is a hybrid of commercial property and general liability insurance since it is expensive to get the two separately. As usual, you can further customize this insurance product to include items for more business coverage.

Workers Compensation Insurance

Photo: Hiscox Website

Legally, the law requires businesses to buy this insurance. This product ensures your business against paying medical expenses for workers who injure themselves.

One of the perks of using Hiscox is that workers’ issues will be quickly resolved

How does Hiscox Insurance work?

hiscox insurance reviews

We have listed some of Hiscox small business insurance products in the previous heading. It is through these products but generally, irrespective of the type of insurance you have, and you will have to file a claim.

Sure, in the perfect world, you wouldn’t have to go through a claims process. A claims process can be a tedious process, or so you have been told; however, throw away those thoughts as Hiscox is different per our Hiscox insurance reviews research.

Filing a claim with Hiscox is more than simple as all you need is your phone, as Hiscox does provide quality service online. You don’t need to file claims at their physical location as online claims are enough, and you can do this through emails, phone, etc., make your claims for insurance online.

You may not be able to make online claims if you bought your policy through an independent insurance agent, but they can file a claim for you, after which you would submit and get a reference number in earnest. Hiscox will then attach you with an insurance professional who would work with you to get details and validate coverage with Hiscox Insurance, making their decision in about 10 to 20 business days.

Click Here to Get Started With Hiscox Insurance.

What is the Coverage of Hiscox Insurance?

hiscox insurance reviews

Hiscox has different coverage options. They are

Commercial Auto Insurance

If your business is the kind that revolves around the use of vehicles or your own company vehicle(s) then getting Hiscox’s commercial auto insurance is a necessity. Amazingly, this coverage extends to employees’ private cars, rental cars, etc.

Commercial Property Insurance

Commercial property insurance is like building insurance as it protects your office building against theft, destruction, accidental damages, loss, etc. The commercial insurance has mouth-watering basic coverage, like the $10,000 for electronic data loss, $10,000 for portable property, equipment coverage for $10,000, etc.

In addition, Hiscox Insurance will cover your business for a year’s business income when the damage to your property prevents company operations.

Workers Compensation Insurance

Legally, the law requires small businesses to buy this insurance. This product ensures your business against paying medical expenses for workers who injure themselves.

One of the perks of using Hiscox is that issues surrounding workers’ compensation will get quickly resolved.

Hiscox Business Insurance Requirement?

  • The requirements will help you get a quote. These requirements are;
  • Your identification includes your business name, address, phone number, website, and email address.
  • The place of your business, size, and location
  • Your industry niche, the type of product you sell, or the service you provide.
  • The nature of your business. For instance, is it a sole proprietorship, company, partnership, LLC, etc.
  • Date of you commenced your business
  • Employees and nature of employment
  • 12 months payroll estimation
  • Your estimated gross sales for the next 12 months and estimated gross sales from your largest single customer

How to Apply for Hiscox Business Insurance?

Per the research for our Hiscox Insurance reviews, we have discovered applying for Hiscox is not as complex as other insurance companies make theirs be. You can apply and get what you need in minutes, and it’s that simple.

To apply, go online and get your quote. To get your quote, you will supply the following information to get the particular type of Hiscox insurance that would suit you.

So, when you get your quote and have this information, you can finish your application asap, but if you don’t have the information at hand, you can save your progress and start at another time. However, when you have all the information and get your quote, all you need to do is choose a payment schedule, input your credit card details, and get covered the same day

How much does Hiscox Business Insurance Cost?

hiscox insurance reviews

We can’t authoritatively give you a specific cost for Hiscox as factors depend on the insurance coverage, type of business, business location, the risk associated with business, etc. Irrespective of this, research for our Hiscox Insurance reviews has led us to believe the Hiscox rates are lower.

Apart from being lower, the Hiscox insurance business is open with its costs. True you can’t get the accurate cost until you get a quote, but Hiscox provides a sample quote to guide customers.

However, to get precise Hiscox insurance business quotes, apply.

Per the sample quotes;

  • Professional liability insurance is about $270 per year
  • General liability insurance is roughly $360 per year
  • Business owner’s policy averages $480 to $780 per year

Click Here to Get Started With Hiscox Insurance.

Who is Hiscox Business Insurance Best For?

Smaller Businesses

Photo: Unsplash

Hiscox has comprehensive insurance, which is easy to buy online or through a broker. So, if you have a small business and want insurance tailored for your business, Hiscox should be your go-to.

Notwithstanding that Hiscox has been in the insurance game for a long, Hiscox learns and ensures that they attend to the peculiar needs of businesses too.

Hiscox Business Insurance Pros and Cons


Hiscox commercial auto insurance covers different vehicles connected to the business, such as company vehicles, rentals, employees’ private vehicles.

Get 5% discounts when you purchase more than one insurance coverage. Also, there is a 14-day cash-back refund policy.

Enjoy global professional liability policies


Coverage is unavailable in Alaska. However, it is available in about 49 states.

Doesn’t provide up to $2 million of coverage in a single policy.

Business owners’ policies are only available to businesses with 10 employees or less.

Click Here to Get Started With Hiscox Insurance.

Hiscox Compare to other Insurance Company

Hiscox Insurance vs. Geico Insurance

hiscox insurance reviews

Geico is also a major player in the insurance market like Hiscox. However, there are some aspects of Hiscox which make it better.

Hiscox is so good that Geico offers their general liability insurance through Hiscox. Essentially, Geico uses a third-party insurer.

Also, the professional insurance which Geico provides doesn’t have a global application like Hiscox’s.

>> Full Article Review: Geico Insurance Reviews: Insurance Offers, Features, Cost, Pros & Cons

Hiscox Insurance vs. Allstate Insurance

hiscox insurance reviews

Allstate Insurance is a crucial player in the insurance market like Hiscox. But, Hiscox is better Ind dome areas.

Hiscox has a better Net Promoter Score than Allstate. These customers who have interacted with Hiscox prefer their customer service interaction.

In addition, Hiscox offers better-customized coverage than Allstate.

>> Full Article Review: Allstate Insurance Reviews: Insurance Offers, Features, Cost, Pros & Cons

Hiscox Insurance vs. Farmers Insurance

hiscox insurance reviews

No, this is not insurance for farmers. It is just a name, but we get where the confusion might come

Hiscox is better than Farmers insurance for a straightforward reason. Farmer’s insurance only provides auto insurance.

On the other hand, Hiscox provides tailored insurance with different coverages.

>> Full Article Review: Farmers Insurance Reviews: Insurance Offers, Features, Cost, Pros & Cons

Final Verdict

As you can see from our Hiscox Insurance reviews, Hiscox is most likely what you have been looking for. With the number of years they have had in the insurance scene, they have gathered experience.

They have coverage that is sure to fit your demands. Apart from their coverage, they are a company that evolves and learns.

They have adopted technology into their operations and made it better. Through technology, you can easily

Hiscox Insurance FAQs

What is Hiscox Claim Response Time?

You will get a final verdict on your claim process within 10 to 20 days.

What is Hiscox Customer Experience?

Customers who have used Hiscox praise them for how they make things easier for customers.

Is Hiscox a Good Company?

Yes, they have tailored plans for customers who want to open insurance with them.

Click Here to Get Started With Hiscox Insurance.

John V

John is a digital marketing master's student who enjoys writing articles on business, finance, health, and relationships in his free time. His diverse interests and ability to convey complex ideas in a clear, engaging manner make him a valuable contributor to these fields.

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